Christian Dailly, Steven Davis and goalkeeper Neil Alexander were all recruited this week, while the most notable Ibrox exit came in the shape of Alan Hutton's £9million move to Tottenham.

Daniel Cousin's protracted £3million switch to Fulham remains in the hands of FIFA, with Smith now preparing to forge ahead with the squad at his disposal.

As well as boasting a four-point lead over Celtic at the summit of the Clydesdale Bank Premier League, Rangers have a CIS Insurance Cup final to look forward to and face Hibernian in the Scottish Cup on Sunday.

A domestic treble remains a real possibility and Smith admitted: "We're happy the transfer window is closed now and we can get back on with the football rather than all the stuff that surrounds it during this period.

"I had to make a few changes. We had a big squad of players and one or two left so we had to bring one or two in. We're practically back to where we started.

"We will need that size of squad to cover on all fronts. The question is are we good enough or are we not? That's going to be answered once we start to get into this busy spell again."

The major disappointment of the January sales for Smith was the failure to capture Italian striker Andrea Caracciolo in a deadline-busting deal on Thursday night.

The Rangers manager jetted to Milan with chief executive Martin Bain in a last-gasp attempt to secure the services of a player he has been tracking for the last two years.

But the mission ended in failure when the Sampdoria forward, 26, opted to sign for Serie B outfit Brescia instead.

Smith revealed: "I had been at a game in London when he played for Palermo against West Ham a couple of seasons ago. He scored a goal that night and I thought he played very well.

"I've followed him since and I've tried on a couple of occasions before to get him but he achieved a huge transfer from Palermo to Sampdoria in the summer.

"He hasn't been getting a game because they signed three or four other strikers, as Italian clubs do, so we thought during this transfer window we would try to sign him.

"But, naturally, a few Italian clubs were interested in him as well so we have been a little bit disappointed it didn't happen. But we get on with it now."

The failure to land Caracciolo was tempered by the arrival of Davis on loan from Fulham until the end of the season.

Smith said: "We felt, with the number of games we have coming up and how close they are together, that the squad would be stretched.

"Kevin Thomson is out for another month and it was one area of the field where we felt we needed to try to get someone in.

"I'm delighted we managed to get him. He is a player our chief scout, Ewan Chester, knows well through his time at Fulham and we are delighted to get him in."

Alexander was also recruited this week as back-up for Allan McGregor, allowing Rangers to finally sanction Roy Carroll's move to Derby.

Smith handed the former Ipswich goalkeeper all three of his Scotland caps during his previous job as national team coach and said: "He's a Scottish lad and he was a good one for us to get in the transfer window and he will be keen to get a game. I think that will be a good for Allan McGregor as well."

Rangers are on an unbeaten run of 14 games in all domestic competitions and the Ibrox boss is hoping to continue their impressive form against Hibs.

He said: "Over the season the level of confidence has been building up in the team and hopefully that will stand us in good stead.

"It was a tough game on Wednesday night [against Hearts] and now we have another one, the tie of the round.

"Going to Easter Road at any time is difficult but the Scottish Cup adds a wee bit of an edge so we know it will be a very, very difficult match."